ge wabtec spinoff

GE received approximately $2.9 billion in cash as well as shares of Wabtec common stock and Wabtec nonvoting convertible preferred stock that together represent an approximately 24.9 percent ownership interest in Wabtec. Wabtec and its affiliates do not provide tax, legal or accounting advice. We’re deeply proud of GE employees around the world rising to the challenge.“This transaction is good for GE shareholders, who gain equity in an organization at the forefront of rail innovation; for GE, as we work to reduce leverage and strengthen our balance sheet; and for Wabtec, which now has a stronger and more diversified business mix to serve its customers,” said GE Chairman and CEO H. Lawrence Culp Jr. “The GE and Wabtec teams worked hard to complete this deal, and I am excited by the opportunities ahead for Wabtec.”The combined company, which is expected to have revenues of more than $8 billion in 2019, has approximately 27,000 employees in 50 countries. About GE. The final ratio is a bit lower than what had been estimated.

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What is the tax basis for the WAB shares received by GE holders? As part of this transaction, shareholders of General Electric received shares in Wabtec. GE owns common stock and non-voting convertible preferred stock, which together represent approximately a 24.9% economic interest in Wabtec on a fully diluted basis. Your broker can help you buy or sell shares of Wabtec stock or answer questions about your investment.Beneficial shareholders would need to contact their broker.In February 2019, Wabtec and GE Transportation merged. Wabtec(WAB) was excited to announce this that it had completed its merger with GE Transportation, immediately following GE Transportation’s spinoff from GE(GE). Wabtec shareholders own approximately 50.8% of Wabtec on a fully diluted basis and GE shareholders own approximately 24.3% of Wabtec on a fully diluted basis. GE Wabtec Spinoff. It also provides aftermarket services.We’re continuing to do all we can to support our customers and employees during this unprecedented time. Get this delivered to your inbox, and more info about our products and services.GE announced last year that it would merge its transportation business with U.S. rail equipment manufacturer Wabtec in a more than $11 billion deal, leaving GE and its shareholders with just under half of the combined business.Got a confidential news tip?

GE announced today that it has completed the spinoff and merger of its Transportation business with Wabtec Corporation. GE’s spin-off of its century-old locomotive business, completed Feb. 25, was originally structured to be tax-free at the shareholder level, but taxable at the distributing corporation level. If you hold your shares in a brokerage account, the new shares will show up there. GE … The GE’s website under the investors tab doesn’t have any mention of spinoff of the transportation business to WAB.Additionally, a when issued market is expected to begin trading on or about February 14th. Everything looks OK entering the Spinoff transaction in QWin 2019, producing the same number of GE shares as I originally held but at a reduced cost basis, plus XX.70599 share of Wabtec. We were advised to turn to websites for further information.

On 2/25/19 GE spun off its transportation business to Wabtec, producing .005371 share of Wabtec for each share of GE.

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